The rate of digitisation in any one industry often depends on how frequently companies interact with customers. The more an industry is in touch with its customers and analyses its data, the more it changes. Digital Transformation has been a continuous priority for the Insurance and Financial Services sector. It’s no surprise to see that the sector often leads the way in Digital Transformation, with 44% of the industry having established a mature digital plan, according to the Dell Digital Transformation Index. However, the 2020 pandemic will have further accelerated the move to connected banking and increased the need for Digital Transformation.
As they clamp down for the year ahead, those within the finance sector must consider how to sustain their customer experience effort, all the while prioritising premium security standards and striving for the highest level of uptime as possible. Employing bespoke software and digital resources to gain competitive advantage will put those who embrace technological change in a league of their own.
In our latest whitepaper, Digital Transformation Trends 2021, we look at how the financial sector is starting to embrace cloud technologies and some of the key forces that are driving Digital Transformation.
Digital Transformation Trends- Insurance & Financial Services
The Covid-19 pandemic will have further accelerated the move to connected banking and increased the need for Digital Transformation. While 2020 was a year of adaptability and resilience,
standards will need to be raised in 2021. Customers have come to expect a lot from banks. They expect speed, flexibility and the ability to carry out all tasks online. For the banking sector, 2021 is the year when Digital Transformation becomes mainstream.
Within the insurance industry, the Digital Transformation trends for 2021 will be driven by technologies that can streamline and improve insurance processes. This includes technologies that remove barriers to online conversion, facilitate remote working and allow customers to self-serve.
At ActionPoint, we have already earmarked 5 key trends affecting insurance CIOs in 2021. These include:
- Adopting cloud technologies. Embracing cloud technologies allows insurance companies to be more flexible and react to the changes of a rapidly evolving industry.
- Digitising the customer experience. Some key goals for insurance CIOs include increasing online conversion, improving customer experience and allowing customers to self-serve.
- Integrating with systems that allow for seamless management of remote teams. Such as Microsoft 365 and Microsoft Teams.
- Automation and AI automating workflows. Inefficient, manual processes have been the norm in the insurance industry for centuries. This is no longer feasible. With AI, insurers can access data faster and cut out the need for human input.
- Fully embracing remote working by putting formal strategies in place.
Download ActionPoint’s Digital Transformation Whitepaper
In this free whitepaper, we look at some of the key drivers of change within insurance and financial services. We provide an overview of the landscape from a Digital Transformation point of view. We also identify the one key trend that we believe will have the most significance in 2021.
For more on this and to find out more about how other industries are embracing digital transformation, check out ‘Digital Transformation Key Trends 2021’ from ActionPoint.